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“Although SQM Research has observed a rapid pick-up in the housing sales market of late, much of this ­recovery has so far been investor driven and therefore has not resulted in a mass exodus of renters to become first-home buyers and occupiers," he said.

“However, SQM Research expects that as the housing recovery continues, more first-home buyers will enter the market. In any case, supply of new stock will increase as property developers meet buyer demand, whether they are first home buyers or investors."

Canberra also recorded a notable increase, up from 1.1 per cent in 2012 to 2 per cent in August this year.